Bitcoin Transaction Fees Who Decides the Transaction Fee?
Bitcoin Shifting From a Reward-Based to a Transaction Fee ...
Bitcoin Mining - How Do Miners Process Transactions Inside ...
Bitcoin Transaction Fees - BitcoinWiki
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Does monero have any strict disadvantages versus bitcoin like transaction speeds/fees, mining centralization etc that are inherent to the technology?
Obviously it currently has higher transaction speeds due to a lower number of users, but as I understand it monero is bitcoin + a few anonimity modifications to the protocol. Do these modifications increase the computational power required for mining given the same transaction volume compared to bitcoin? In other words, how much are you paying for anonymity?
"Bitcoin [Core] mempool is blowing up right now, to me it looks like a primary miner is cutting off mining to grow the transaction fee cost... there are 1 hour intervals with no blocks mined, about an hour ago there was a huge chunk of low cost transactions thrown into the network.."
09-20 16:25 - 'dumb idea to pay 4 usd in fees for a 2 usd drink... use monero, im sorry, but its just superior. 1-5 cents fee per transaction, fully private, softcapped so it wont die after last one is mined' by /u/cerpadlo removed from /r/Bitcoin within 37-47min
What will miners do if all Bitcoin is mined and transaction fees are very low?
Eventually in over 100 years all Bitcoin will be mined. If transaction fees end up being low, what exactly will miners do? Since there's no bitcoin left to mine, and the fees are low, the reward for mining will be very low. What will miners do? EDIT: Never mind, I think even 1 satoshi fees might be fine if everyone uses it.
[SERIOUS] Let's say in the future there are 5 major players in the Bitcoin mining industry, controlling 95% of the total mining power. What would prevent them from creating a mining cartel to drive up transaction fees for their own benefit?
THEORY: Is it possible that miners are spamming the Bitcoin network with low fee transactions to generate more mining profits?
Hi all. I don't know enough about the technical details of the low-fee transactions that are spamming the network, and a possible correlation between those and the ability for minors to make a profit. My thinking, which may be horribly flawed, is that miners may be flooding the network with low fee transactions in order to produce a large quantity of quickly mineable blocks in order to gain extra rewards (or to get rewards more quickly than they might if mining only normal fee blocks) Is this feasible? Or does a minor make just as much mining a normal fee block as they would a block that has a ridiculously low transaction fee? I ask because I have heard many times about minors intentionally mining empty blocks to get the rewards. But I don't know if empty blocks relate directly to low-fee blocks? Any technical insights you could provide would be greatly appreciated, as I would hate to suggest something that might have no foundation or basis. With thanks for your suggestions on how this might be possible, or how I might be completely off base here. Babs
To understand Bitcoin transaction fees, it helps to first understand the method of processing transactions. How does it all work!? Well, it starts with the blockchain and the blocks which store the transaction information (thus making them legitimate). Each block in the Bitcoin network has an artificial size limit of 1 MB and this averages 2020 transactions to fill one block. ASIC mining hardware keeps Bitcoin secure through proof of work. Right now, miners are paid through a combination of Bitcoin’s block reward and transaction fees. Bitcoin’s block reward is still large and provides the majority of miners’ earnings. The block reward started at 50 bitcoins per block. Currently, it is 25 bitcoins per block. In July 2016 it will drop to 12.5 bitcoins per block ... The fee required for a transaction to quickly confirm varies according to network conditions. Generally it floats around slowly, but sometimes it shoots up due to spam transactions or a series of randomly-slow blocks. In such cases, you may find that your incoming or outgoing transactions get stuck in an unconfirmed state for a long time. Therefore, the person receiving the bitcoin will get a message almost instantly that the transfer has taken place, but the transaction still has to go through the mining process. The probability of your transaction getting confirmed is and being added in a block with no problem is always high, especially if there’s an attached transaction fee ... The average Bitcoin transaction fee on May 20 was $6.48 meaning that transaction fees are likely to retain an upward trajectory despite halving by May 23 to around $3.3. Users have to contend with higher fees if they want their transactions to get processed faster. Transaction Fees to Become Increasingly Important In The Future. The future incentive structure for miners will increasingly rely ...
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